Half Year 2021 National Australia Bank Ltd Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Victor German - Macquarie Research - Analyst : Two questions from me. One on costs and one on business lending side. So on costs, obviously, completely understood why you've given 0% to 2% cost guidance at the half. I'm just sort of mindful of the fact that we have progressed through the year, there's only 5 months left. If there's any way maybe for you, Gary, to kind of outline the reason for keeping that 0% to 2% rather than narrowing it a bit given you're significantly past through the year. What are sort of some of the assertiveness that perhaps drive that outcome in costs? And the second question on business lending. I noticed on Slide 11, you highlighted business lending growth and monthly changes. It started to pick up again in March. We've seen some early green shoots before and may then quite eventuate. If there is anything that's kind of in there now that gives you a bit more comfort that we will actually see some pickup in business growth? And also with respect to your new bankers, you put on 500 new bankers. You're obviously preparing for growth. I'd just be interested in how long does it generally take for those new bankers to actually sort of breakeven and become profitable for you?

Question: Victor German - Macquarie Research - Analyst : Can I just -- sorry, just push my luck with this cost. I completely understood everything you say. It makes a lot of sense, Ross. I'm just trying to get a sense for the difference between 0% and 2%, the $150 million. Is the key kind of moving part there is those bonus payments that you're referring to? Or is it some of the cost save timing that you're not kind of certain about that this will happen in the next 5 months? And if they don't happen in the next 5 months, that will happen in the next period, and therefore, that cost reduction will come through in first half '22?